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Registration number: 00739830

J.B.Sullivan Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

J.B.Sullivan Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

J.B.Sullivan Limited

Company Information

Directors

Mr DS Callaghan

Mrs RA Callaghan

Company secretary

Mrs RA Callaghan

Registered office

3 Egerton Road
Bexhill-On-Sea
East Sussex
TN39 3HH

Accountants

Manningtons
7 Wellington Square
Hastings
East Sussex
TN34 1PD

 

J.B.Sullivan Limited

(Registration number: 00739830)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

255,343

265,329

Current assets

 

Debtors

5

485

250

Cash at bank and in hand

 

10,599

21,588

 

11,084

21,838

Creditors: Amounts falling due within one year

6

(14,565)

(9,444)

Net current (liabilities)/assets

 

(3,481)

12,394

Total assets less current liabilities

 

251,862

277,723

Creditors: Amounts falling due after more than one year

6

-

(9,845)

Net assets

 

251,862

267,878

Capital and reserves

 

Called up share capital

3,000

3,000

Retained earnings

248,862

264,878

Shareholders' funds

 

251,862

267,878

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 December 2023 and signed on its behalf by:
 

.........................................
Mr DS Callaghan
Director

 

J.B.Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3 Egerton Road
Bexhill-On-Sea
East Sussex
TN39 3HH

The principal place of business is:
Egerton House
3 Egerton Road
Bexhill on Sea
East Sussex
TN39 3HH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

J.B.Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold building

2% Straight line

Fixtures and fittings

10% Reducing balance / 33% straight line

Motor Vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J.B.Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

J.B.Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

363,453

16,358

21,585

401,396

Additions

-

2,079

-

2,079

Disposals

-

(2,310)

-

(2,310)

At 31 October 2023

363,453

16,127

21,585

401,165

Depreciation

At 1 November 2022

116,242

10,382

9,443

136,067

Charge for the year

7,267

927

3,036

11,230

Eliminated on disposal

-

(1,475)

-

(1,475)

At 31 October 2023

123,509

9,834

12,479

145,822

Carrying amount

At 31 October 2023

239,944

6,293

9,106

255,343

At 31 October 2022

247,211

5,976

12,142

265,329

Included within the net book value of land and buildings above is £239,944 (2022 - £247,211) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Prepayments

485

250

485

250

 

J.B.Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9,845

3,688

Taxation and social security

 

1,499

2,223

Other creditors

 

2,520

2,520

Director loan account

 

701

1,013

 

14,565

9,444

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

9,845